Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    409 Galveston Ct Cary, NC 27513-4524
    Back to Search
    Property profile & analytics

    409 Galveston Ct Cary, NC 27513-4524

    View on Map
    • Garden apartment buildings
    • 8,022 SF
    • 5.22 lot acres
    Off-Market
    Last Sale Dec 22, 2021
    $12,000,000
    Property ID
    US53-1630385
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $12,865,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Anahyshousclean / (Bike/Boat/Book/etc) Store

    Property Details for 409 Galveston Ct

    Year built
    1973
    Construction
    FRAME
    Lot size
    5.22 lot acres
    Property size
    8,022 SF
    Zone code
    RMFP
    Property type
    Garden apartment buildings
    APN
    0764.14-32-3860 0013216
    APU
    764143238600013216

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $14,320,000
      ML approach
      $11,685,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $14,319,000
      Market price range: $14.3M - $48.4M

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Cary
    County
    Wake
    State
    North Carolina
    Longitude
    -78.7863
    Latitude
    35.7908
    CBSA code
    39580
    CBSA name
    RALEIGH-CARY, NC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $49,034
    $1,530,000
    $3,243,887
    $4,773,887
    -
    $1,530,000
    $3,243,887
    $4,773,887

    Comparable in this City

    • Value Estimation
      $2,430,000
      7,984 SF

      201 Hampton Lee Ct

      GARDEN APT, COURT APT (5+ UNITS) • 7,984 SF
      201 Hampton Lee Ct, Cary, NC 27513-2454
      View Details
    • Value Estimation
      $5,520,000
      21,633 SF

      1100 Waterford Frst Cir

      GARDEN APT, COURT APT (5+ UNITS) • 21,633 SF
      1100 Waterford Frst Cir, Cary, NC 27513
      View Details
    • Value Estimation
      $3,790,000
      7,680 SF

      1200 Cary Pkwy

      GARDEN APT, COURT APT (5+ UNITS) • 7,680 SF
      1200 Cary Pkwy, Cary, NC 27513
      View Details
    • Value Estimation
      $25,585,000
      9,480 SF

      100 Canopy Oak Ct

      GARDEN APT, COURT APT (5+ UNITS) • 9,480 SF
      100 Canopy Oak Ct, Cary, NC 27513-0038
      View Details
    • Value Estimation
      $2,350,000
      9,236 SF

      100 Walshingham Ln

      GARDEN APT, COURT APT (5+ UNITS) • 9,236 SF
      100 Walshingham Ln, Cary, NC 27513-5287
      View Details
    • Value Estimation
      $1,105,000
      8,705 SF

      100 Pickering Pl

      GARDEN APT, COURT APT (5+ UNITS) • 8,705 SF
      100 Pickering Pl, Cary, NC 27513-5276
      View Details

    Similar Nearby for Sale

    • New
      $545,000
      2,610 SF

      Cary Duplex Investment Opportunity

      Duplex in excellent location near I-40 and downtown Cary.
      110 Misty Ct, Cary, NC 27513
      View Details
    • $585,000
      Pending

      Cary Duplex Investment Opportunity

      Duplex in desirable Cary location with immediate rental income.
      616-618 Branniff Dr, Cary, NC 27513
      View Details
    • $320,000
      Pending

      Vacant Lot in Downtown Cary

      Vacant land in downtown Cary, a builder/investor opportunity.
      120 Boyd St, Cary, NC 27513
      View Details
    • New
      $455,000
      Pending

      Cary Commercial Property Opportunity

      Remodeled commercial property near downtown Cary Park.
      8704 Chapel Hill Rd, Cary, NC 27513
      View Details
    • Contact for pricing

      Prime Commercial Development Opportunity

      Commercial land for sale in North Cary with high visibility.
      2205 Evans Rd, Cary, NC 27513
      View Details
    • Contact for pricing

      Cary Flex Space Opportunity

      Flex space opportunity in downtown Cary's hottest area.
      400 Field St, Cary, NC 27513
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Retail and Residential Co-tenanted Property

      Retail property with high-end apartments on-site near I-40.
      N Harrison Ave & Weston Pkwy, Cary, NC 27513
      View Details
    • Contact for pricing

      Cary Office Space Available

      Office space featuring private offices, reception, breakroom, and conference room.
      801 Cascade Pointe Ln, Cary, NC 27513
      View Details
    • Contact for pricing

      Retail Space with Drive-Thru Lanes

      Retail space featuring drive-thru lanes and ample parking.
      950 North Harrison Ave, Cary, NC 27513
      View Details
    • Contact for pricing
      794 SF

      Restaurant Spaces For Lease

      Second generation restaurant spaces available in Cary, North Carolina.
      2051 Renaissance Park Pl, Cary, NC 27513
      View Details
    • Contact for pricing
      4,333 SF

      Restaurant Spaces Available For Lease

      Second generation restaurant spaces available in Cary, North Carolina.
      111-137 Weston Pkwy, Cary, NC 27513
      View Details
    • Contact for pricing
      4,736 SF

      Restaurant Spaces in Cary, NC

      Second generation restaurant spaces available in Cary, North Carolina.
      2010-2060 Renaissance Park Pl, Cary, NC 27513
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    409 Galveston Ct
    Cary, NC 27513-4524
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    409 Galveston Ct, Cary, NC, 27513
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!